NaaS Technology Inc. (“NaaS” or the “Company”) (Nasdaq: NAAS), the
first U.S. listed EV charging service company in China, today
announced its unaudited financial results for the fourth quarter
and full year ended December 31, 2023.
Fourth Quarter and Full Year 2023
Financial Highlights:
- Revenues increased by 119% year over year and reached RMB64.4
million (US$9.1 million) for the fourth quarter of 2023. Revenues
for the full year of 2023 were RMB320.1 million (US$45.1 million),
increasing by 245% year over year.
- Gross margin was 26.0% for the fourth quarter of 2023, compared
with 24.4% for the same period of 2022. Gross margin increased from
6.6% for the full year of 2022 to 27.7% for the full year of
2023.
- Gross profit grew 2.3 times year over year to RMB16.7 million
(US$2.4 million) for the fourth quarter of 2023 and 14.4 times year
over year to RMB88.8 million (US$12.5 million) for the full year of
2023.
Fourth Quarter and Full Year 2023
Operational Highlights:
- Charging volume transacted through NaaS’ network reached 1,324
GWh for the fourth quarter of 2023 and 4,958 GWh for the full year
of 2023, representing increases of 55% and 81% year over year,
respectively.
- Gross transaction value transacted through NaaS’ network
reached RMB1.2 billion (US$174.0 million) for the fourth quarter of
2023 and RMB4.7 billion (US$661.5 million) for the full year of
2023, representing increases of 47% and 74% year over year,
respectively.
- Number of orders transacted through NaaS’ network reached 56.4
million for the fourth quarter of 2023 and 213.8 million for the
full year of 2023, representing increases of 48% and 75% year over
year, respectively.
- As of December 31, 2023, NaaS’ network had connected 875,655 EV
chargers covering 77,017 charging stations, up by 70% from 515,924
EV chargers and 54% from 50,065 charging stations as of December
31, 2022, respectively.
Recent Developments
Fifth Consecutive Month of NTR
Improvement and Further Increased GTR
|
2023 |
|
|
2024 |
|
|
September |
|
October |
|
November |
|
December |
|
|
January |
|
February |
|
GTR |
|
9.16 |
% |
9.68 |
% |
|
11.94 |
% |
12.24 |
% |
|
|
13.09 |
% |
|
13.02 |
% |
NTR |
|
-8.14 |
% |
-6.17 |
% |
|
-2.95 |
% |
-0.92 |
% |
|
|
0.02 |
% |
|
0.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company recorded five consecutive months of
improvements in its Net Take Rate (NTR)1, along with further
increased Gross Take Rate (GTR)2. NTR measures the Company's return
from transactions arising from its mobility connectivity services
after adjusting for incentives paid to end-users3 and provides
useful insight into the Company's profit trajectory in this part of
its business. GTR represents the percentage of NaaS’ commission
income derived from the gross transaction value at charging
stations, indicating the Company's share of charging stations’
gross income. Through operational excellence and a tailored
approach to promotions, NaaS has enhanced customer loyalty while
fostering a positive network effect, supported by the expansion of
its end-user pool and charging station ecosystem. In 2023, the
Company recorded 81% year-over-year growth in charging volume for
its charging services. The Company achieved a positive NTR of 0.75%
and an improved GTR of 13.02% in February 2024.
Strategic Partnerships to Accelerate
Digital Energy Integration and Infrastructure
Expansion
In December 2023, the Company and Sangao New
Energy (01250.HK) launched a strategic cooperation to drive new
energy projects globally, focusing on photovoltaic development and
charging infrastructure. In February 2024, the Company announced a
collaboration with Foshan Chancheng City Construction Group,
establishing a joint venture to boost new energy infrastructure. In
February 2024, the Company won the contract for the “Zhejiang
Province Charging Infrastructure Governance and Supervision Service
Platform Construction Project” as administered by the Zhejiang
Provincial Energy Bureau. In March 2024, the Company announced its
collaboration with China Construction Third Bureau First
Engineering Co., Ltd. to promote the implementation of projects
such as charging piles, energy storage, and integrated energy
ports.
Strategic Collaborations with Leading
Automobile Companies to Improve EV Charging Experience
In December 2023, the Company demonstrated its
leadership in the EV charging sector through strategic
collaborations with prominent automobile companies, including
Deepal Automobile, GAC Energy Technology Co., Ltd., and Great Wall
Motors (SH601633). These partnerships focus on improving the
charging network layout, enhancing charger utilization rates, and
offer optimized energy replenishment solutions for different
scenarios. Together, these initiatives aim to elevate the charging
experience for new energy vehicle owners, promoting convenience and
efficiency. By integrating advanced technologies such as "one-click
find pole" and "one-click payment" through various digital
platforms, the Company and its partners are committed to building a
comprehensive and user-friendly charging service network,
underscoring their dedication to accelerating the transition to
sustainable transportation.
Appointment of Chief Strategy
Officer
The Company today announced the appointment of
Ms. Ye Wu as the Chief Strategy Officer, effective immediately.
Prior to joining NaaS, Ms. Wu served as management partner, head of
financial business and integrated solution business at Newlinks
Technology Limited (“Newlink”), the Company’s controlling
shareholder. Before joining Newlink in April 2020, Ms. Wu worked at
Toyota Group, where she gained extensive experience in finance. Ms.
Wu holds a bachelor's degree in finance from ISG Business School
and a master's degree in financial economics from Oxford
University.
“Our outstanding results for the 2023 fiscal
year, highlighted by a 245% increase in revenue, demonstrate our
exponential growth and expanding prowess in energy management and
storage solutions,” said Ms. Yang Wang, CEO of NaaS. “Our focus on
profitability and effective strategic execution resulted in five
consecutive months of improvement in our NTR, positioning us for
future growth. We are becoming a pivotal connecting force in the
new energy sector, seamlessly linking industries, services and
users with digital technology. By deeply integrating with the real
economy and uniting the diverse strengths of our ecosystem, we aim
to significantly enhance the charging experience and drive the
industry’s high-quality development.”
Mr. Alex Wu, president and chief financial
officer of NaaS, added, “We drove a remarkable twenty-one-point
jump in our gross margin from 6.6% in 2022 to 27.7% in 2023, as
well as an approximately fourteen-fold increase in gross profit
from RMB6.2 million to RMB88.8 million, marking significant
milestones in our financial journey. All business units are
experiencing substantial growth in gross profit. Notably, the unit
with higher gross profitability is contributing a larger share to
our total revenue.”
1 NTR is calculated by taking NaaS’ gross
receipts from transactions, deducting transaction outgoings and
incentives, and adding income from membership programs. This total
is then expressed as a percentage of the total transaction
value.
2 GTR is calculated as the percentage of NaaS's
commission income from the gross transaction value at charging
stations.3 NaaS offers incentives to end-users through its
partnered platform in the form of discounts and promotions to boost
the use of its network.
2023 Fourth Quarter Financial Results:
Revenues
Total revenues reached RMB64.4 million (US$9.1
million) for the fourth quarter of 2023, representing an increase
of 119% year over year. The increase was mainly attributable to
strong execution in the ramping up of charging services and stable
delivery in the Company’s energy solution projects throughout the
fourth quarter of 2023.
Charging services revenues contributed RMB47.6
million (US$6.7 million) for the fourth quarter of 2023, with a
growth rate of 114% year over year. The increase was primarily
attributable to an overall increase in charging volume completed
through NaaS’ EV charging network. The Company offered
platform-based incentives to end-users to boost the use of its
network, and charging services revenues are recorded net of
end-user incentives. Costs associated with end-user incentives and
recorded as reductions to total revenues totaled RMB90.7 million
(US$12.8 million) and RMB61.0 million for the fourth quarter of
2023 and 2022, respectively.
Energy solutions revenues increased by 144% year
over year to RMB16.2 million (US$2.3 million) for the fourth
quarter of 2023. The increase was primarily driven by revenues from
the delivery of on-going energy solution projects, especially
photovoltaic projects and engineering procurement construction
projects, that provide renewable energy generation, energy
management and energy storage solutions.
New initiatives revenues were RMB0.6 million
(US$0.1 million) for the fourth quarter of 2023, as the Company
continued to launch new initiatives to expand its market
offerings.
Cost of revenues, gross profit and gross
margin
Total cost of revenues increased 114% from
RMB22.3 million for the fourth quarter of 2022 to RMB47.7 million
(US$6.7 million) for the fourth quarter of 2023. The change was
largely in line with revenue growth.
Total gross profit grew 2.3 times year over year
from RMB7.2 million for the fourth quarter of 2022 to RMB16.7
million (US$2.4 million) for the fourth quarter of 2023, benefiting
from solid revenue growth and a year-over-year improvement in gross
margin from 24.4% to 26.0%. Gross margin improvement was mainly
attributable to an increased number of profitable orders in
charging services and benefited from the Company’s growing know-how
and capabilities in delivering and executing energy solution
projects of different scales.
Operating expenses
Total operating expenses increased from RMB128.8
million for the fourth quarter of 2022 to RMB415.5 million (US$58.5
million) for the fourth quarter of 2023. Operating expenses as a
percentage of revenues increased year over year from 437% to 646%.
The increase was mainly due to professional fees to initiate market
expansion and increase in asset impairment estimates.
Selling and marketing expenses increased year
over year from RMB71.3 million to RMB134.0 million (US$18.9
million) for the fourth quarter of 2023. The increase in selling
and marketing expenses was mainly attributable to incentives given
to an increasing number of end-users and the growth of transaction
volume, as well as the expanded sales and marketing efforts
relating to the energy solutions business. Costs associated with
excess incentives to end-users included in selling and marketing
expenses were RMB54.9 million (US$7.7 million) for the fourth
quarter of 2023, accounting for 1.2 times charging services
revenues, compared with RMB46.9 million and 2.1 times,
respectively, for the same period of 2022.
Administrative expenses increased year over year
from RMB46.3 million to RMB254.9 million (US$35.9 million) for the
fourth quarter of 2023. The increase was primarily due to
professional fees to initiate market expansion as well as increased
expected credit losses that reflected market conditions.
Research and development expenses increased year
over year from RMB11.2 million to RMB26.6 million (US$3.7 million)
for the fourth quarter of 2023. The increase in research and
development expenses was primarily due to the Company’s continued
dedication of resources to innovations to improve the Company’s
business.
Finance costs
Finance costs were RMB10.1 million (US$1.4
million) for the fourth quarter of 2023, compared with finance
costs of RMB193 thousand for the same period of 2022.
Income tax expenses
Income tax expenses remained at RMB3.4 million
(US$0.5 million) for the fourth quarter of 2023 compared with the
same period of 2022.
Net loss and non-IFRS net loss
attributable to ordinary shareholders; net margin and non-IFRS net
margin
Net loss attributable to ordinary shareholders
was RMB495.7 million (US$69.8 million) for the fourth quarter of
2023, compared with a net loss attributable to ordinary
shareholders of RMB126.9 million for the same period in 2022.
Non-IFRS4 net loss attributable to ordinary shareholders was
RMB317.8 million (US$44.8 million) for the fourth quarter of 2023,
compared with non-IFRS net loss attributable to ordinary
shareholders of RMB111.8 million for the same period in 2022. Net
margin decreased from negative 431% for the fourth quarter of 2022
to negative 770% for the fourth quarter of 2023 and non-IFRS net
margin decreased from negative 380% for the fourth quarter of 2022
to negative 494% for the fourth quarter of 2023. Please refer to
the section titled “Unaudited reconciliations of IFRS and non-IFRS
measures” for details.
2023 Full Year Financial Results:
Revenues
Total revenues reached RMB320.1 million (US$45.1
million) for the full year of 2023, representing an increase of
245% year over year. The increase was mainly attributable to the
expansion of our charging network and strong delivery in the
Company’s energy solution projects throughout 2023.
Charging services revenues contributed RMB129.1
million (US$18.2 million) for 2023, with a growth rate of 56% year
over year. The increase was primarily attributable to an expansion
of NaaS’ EV charging network. The Company offered platform-based
incentives to end-users to boost the use of its network, and
charging services revenues are recorded net of end-user incentives.
Costs associated with end-user incentives and recorded as
reductions to total revenues totaled RMB323.8 million (US$45.6
million) and RMB206.6 million for 2023 and 2022, respectively.
Energy solutions revenues increased by 23.1
times year over year to RMB187.3 million (US$26.4 million) for
2023. The increase was primarily driven by revenues from the
delivery of ongoing energy solution projects which provide
renewable energy generation, energy management and storage
solutions.
New initiatives revenues were RMB3.7 million
(US$0.5 million) for 2023, as the Company continued to launch new
initiatives to expand its market offerings.
4 Non-IFRS net loss was arrived at after
excluding share-based compensation expenses, equity-settled listing
costs, fair value changes of convertible instruments, and fair
value changes of financial assets at fair value through profit or
loss. Non-IFRS net margin was calculated by dividing non-IFRS net
loss by total revenue. Please refer to the section titled
“Unaudited reconciliations of IFRS and non-IFRS financial measures”
for details.
Cost of revenues, gross profit and margin
Total cost of revenues increased 167% year over
year to RMB231.3 million (US$32.6 million) for 2023, accompanying
the Company’s significant progress in delivering various energy
solution projects in mainland China and international markets.
Total gross profit grew 14.4 times year over
year from RMB6.2 million to RMB88.8 million (US$12.5 million) for
2023, benefiting from solid revenue growth and significant
year-over-year improvement in gross margin from 6.6% to 27.7%.
Gross margin improved because the Company started to reap benefits
from its growing know-how and capabilities in delivering and
executing energy solution projects of different scales.
Operating expenses
Total operating expenses decreased from RMB2.5
billion for 2022 to RMB1.2 billion (US$166.1 million) for 2023.
Selling and marketing expenses increased from
RMB241.4 million for 2022 to RMB446.7 million (US$62.9 million) for
2023. The increase was mainly attributable to higher incentives
given to end-users and expanded sales and marketing efforts
relating to the energy solutions business. Costs associated with
excess incentives to end-users included in selling and marketing
expenses were RMB224.5 million (US$31.6 million) for 2023, compared
with RMB140.8 million for 2022.
Administrative expenses decreased from RMB2.2
billion for 2022 to RMB669.8 million (US$94.3 million) for 2023.
This was largely due to the Company’s recording of an
equity-settled listing cost of RMB1.9 billion in 2022, which was
incurred as a result of the merger transaction in 2022. Excluding
the impact of that listing cost, administrative expenses increased
136% from RMB283.3 million to RMB669.8 million (US$94.3 million)
mainly due to professional fees to initiate market expansion as
well as increased expected credit losses that reflected market
conditions.
Research and development expenses increased from
RMB36.6 million for 2022 to RMB63.1 million (US$8.9 million)
for 2023. The increase was primarily due to the expansion of the
Company’s research and development team to enhance the Company’s
charging services and energy solutions business.
Finance costs
Finance costs were RMB33.0 million (US$4.6
million) for 2023, compared with finance costs of RMB10.3 million
for 2022. Such increase was due to an increase in bank borrowings
during the year.
Income tax expenses
Income tax expenses were RMB3.8 million (US$0.5
million) for 2023, compared with income tax expenses of RMB9.9
million for 2022.
Net loss and non-IFRS net loss
attributable to ordinary shareholders; net margin and non-IFRS net
margin
Net loss attributable to ordinary shareholders
was RMB1.3 billion (US$184.1 million) for 2023, compared with net
loss attributable to ordinary shareholders of RMB5.6 billion for
2022. Non-IFRS net loss attributable to ordinary shareholders was
RMB703.8 million (US$99.1 million) for 2023, compared with non-IFRS
net loss attributable to ordinary shareholders of RMB354.1 million
for 2022. Net margin improved from negative 6,074% for 2022 to
negative 408% for 2023, whereas non-IFRS net margin improved from
negative 382% for 2022 to negative 220% for 2023. Please refer to
the section titled “Unaudited reconciliations of IFRS and non-IFRS
financial measures” for details.
Conference Call Information
The Company's management will host an earnings
conference call at 8:00 PM U.S. Eastern time on March 28, 2024
(8:00 AM Beijing/Hong Kong time on March 29, 2024).
Participants should complete online registration
using the link provided below at least 15 minutes before the
scheduled start time. Upon registration, participants will receive
the conference call access information, including dial-in numbers,
a personal PIN and an e-mail with detailed instructions to join the
conference call.
Participant Online Registration:
https://register.vevent.com/register/BIa7836e969e7b4fb5ac918817bdb58d73
Additionally, a live and archived webcast of the
conference call will be available on the Company's investor
relations website at http://ir.enaas.com.
Exchange Rate
This press release contains translations of
certain RMB amounts into USD at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to USD were made at the rate of RMB7.0999 to
US$1.00, the noon buying rate in effect on December 29, 2023, in
the H.10 statistical release of the Federal Reserve Board. The
Company makes no representation that the RMB or USD amounts
referred could be converted into USD or RMB, as the case may be, at
any particular rate or at all. For analytical presentation, all
percentages are calculated using the numbers presented in the
financial statements contained in this earnings release.
Non-IFRS Financial Measures
The Company uses non-IFRS measures such as
non-IFRS net loss and non-IFRS net margin, non-IFRS net debt and
non-IFRS total liabilities to total assets ratio, in evaluating its
operating results, financial position and for financial and
operational decision-making purposes. The Company believes that
non-IFRS financial measures help identify underlying trends in the
Company's business and financial position that could otherwise be
distorted by the effect of certain expenses that the Company
includes in its results for the period and effects certain
instruments convertible to the Company’s equity. The Company
believes that non-IFRS financial measures provide useful
information about its results of operations and financial position,
enhances the overall understanding of its past performance and
future prospects and allow for greater visibility with respect to
key metrics used by its management in its financial and operational
decision-making.
Non-IFRS financial measures have limitations as
analytical tools and should not be considered in isolation or
construed as an alternative to IFRS financial measures or any other
measure of performance or as an indicator of its operating
performance and financial position. Investors are encouraged to
review non-IFRS financial measures and the reconciliation to their
most directly comparable IFRS measures. Non-IFRS financial measures
presented here may not be comparable to similarly titled measures
presented by other companies. Other companies may calculate
similarly titled measures differently, limiting their usefulness as
comparative measures to the Company’s data. The Company encourages
investors and others to review its financial information in its
entirety and not rely on a single financial measure.
For more information on the IFRS and non-IFRS
financial measures, please see the section titled “Unaudited
reconciliations of IFRS and non-IFRS financial measures”.
About NaaS Technology Inc.
NaaS Technology Inc. is the first U.S. listed EV
charging service company in China. The Company is a subsidiary of
Newlinks Technology Limited, a leading energy digitalization group
in China. The Company provides one-stop solutions to energy asset
owners comprising charging services, energy solutions and new
initiatives, supporting every stage of energy asset’s lifecycle and
facilitating energy transition. As of December 31, 2023, NaaS had
connected 875,655 chargers covering 77,017 charging stations,
representing 42.3% and 46.7% of China's public charging market
share respectively.
Safe Harbor Statement
This press release contains statements of a
forward-looking nature. These statements are made under the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform
Act of 1995. You can identify these forward-looking statements by
terminology such as “will,” “expects,” “believes,” “anticipates,”
“intends,” “estimates” and similar statements. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about the Company and the industry. All
information provided in this press release is as of the date
hereof, and the Company undertakes no obligation to update any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: NaaS’ goals and strategies; its future
business development, financial conditions and results of
operations; its ability to continuously develop new technology,
services and products and keep up with changes in the industries in
which it operates; growth of China’s EV charging industry and EV
charging service industry and NaaS’ future business development;
demand for and market acceptance of NaaS’ products and services;
NaaS’ ability to protect and enforce its intellectual property
rights; NaaS’ ability to attract and retain qualified executives
and personnel; the COVID-19 pandemic and the effects of government
and other measures that have been or will be taken in connection
therewith; U.S.-China trade war and its effect on NaaS’ operation,
fluctuations of the RMB exchange rate, and NaaS’ ability to obtain
adequate financing for its planned capital expenditure
requirements; NaaS’ relationships with end-users, customers,
suppliers and other business partners; competition in the industry;
relevant government policies and regulations related to the
industry; and fluctuations in general economic and business
conditions in China and globally. Further information regarding
these and other risks is included in NaaS’ filings with the
SEC.
For investor and media inquiries, please
contact:
Investor RelationsNaaS Technology Inc.E-mail: ir@enaas.comMedia
inquiries:E-mail: pr@enaas.com
NAAS TECHNOLOGY INC.UNAUDITED
CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE
LOSS
|
|
For the Three Months Ended |
|
|
For the Year Ended |
|
|
|
December 31, 2022 |
|
|
December 31, 2023 |
|
|
December 31, 2022 |
|
|
December 31, 2023 |
|
(In thousands, except for share and per share and per ADS
data) |
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charging services revenues |
|
|
22,266 |
|
|
|
47,591 |
|
|
|
6,703 |
|
|
|
82,590 |
|
|
|
129,107 |
|
|
|
18,184 |
|
Energy solutions revenues |
|
|
6,623 |
|
|
|
16,161 |
|
|
|
2,276 |
|
|
|
8,115 |
|
|
|
187,260 |
|
|
|
26,375 |
|
New initiatives revenues |
|
|
565 |
|
|
|
607 |
|
|
|
85 |
|
|
|
2,109 |
|
|
|
3,711 |
|
|
|
523 |
|
Total revenues |
|
|
29,454 |
|
|
|
64,359 |
|
|
|
9,064 |
|
|
|
92,814 |
|
|
|
320,078 |
|
|
|
45,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
(22,270 |
) |
|
|
(47,652 |
) |
|
|
(6,712 |
) |
|
|
(86,647 |
) |
|
|
(231,319 |
) |
|
|
(32,581 |
) |
Gross profit |
|
|
7,184 |
|
|
|
16,707 |
|
|
|
2,352 |
|
|
|
6,167 |
|
|
|
88,759 |
|
|
|
12,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses |
|
|
(71,276 |
) |
|
|
(134,024 |
) |
|
|
(18,877 |
) |
|
|
(241,430 |
) |
|
|
(446,708 |
) |
|
|
(62,918 |
) |
Administrative expenses |
|
|
(46,337 |
) |
|
|
(254,864 |
) |
|
|
(35,897 |
) |
|
|
(2,195,981 |
) |
|
|
(669,837 |
) |
|
|
(94,345 |
) |
Research and development expenses |
|
|
(11,196 |
) |
|
|
(26,619 |
) |
|
|
(3,749 |
) |
|
|
(36,557 |
) |
|
|
(63,050 |
) |
|
|
(8,880 |
) |
Total operating expenses |
|
|
(128,809 |
) |
|
|
(415,507 |
) |
|
|
(58,523 |
) |
|
|
(2,473,968 |
) |
|
|
(1,179,595 |
) |
|
|
(166,143 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (losses)/gains, net |
|
|
(1,638 |
) |
|
|
12,545 |
|
|
|
1,767 |
|
|
|
7,317 |
|
|
|
24,471 |
|
|
|
3,447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(123,263 |
) |
|
|
(386,255 |
) |
|
|
(54,404 |
) |
|
|
(2,460,484 |
) |
|
|
(1,066,365 |
) |
|
|
(150,195 |
) |
Fair value changes of convertible instruments |
|
|
— |
|
|
|
3,881 |
|
|
|
547 |
|
|
|
(3,158,498 |
) |
|
|
(116,520 |
) |
|
|
(16,411 |
) |
Fair value changes of financial instruments at fair value through
profit or loss |
|
|
— |
|
|
|
(102,066 |
) |
|
|
(14,376 |
) |
|
|
1,753 |
|
|
|
(87,519 |
) |
|
|
(12,327 |
) |
Finance costs |
|
|
(193 |
) |
|
|
(10,118 |
) |
|
|
(1,425 |
) |
|
|
(10,275 |
) |
|
|
(32,960 |
) |
|
|
(4,642 |
) |
Loss before income tax |
|
|
(123,456 |
) |
|
|
(494,558 |
) |
|
|
(69,658 |
) |
|
|
(5,627,504 |
) |
|
|
(1,303,364 |
) |
|
|
(183,575 |
) |
Income tax expenses |
|
|
(3,404 |
) |
|
|
(3,371 |
) |
|
|
(475 |
) |
|
|
(9,861 |
) |
|
|
(3,786 |
) |
|
|
(533 |
) |
Net loss |
|
|
(126,860 |
) |
|
|
(497,929 |
) |
|
|
(70,133 |
) |
|
|
(5,637,365 |
) |
|
|
(1,307,150 |
) |
|
|
(184,108 |
) |
Net loss attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the company |
|
|
(126,860 |
) |
|
|
(495,730 |
) |
|
|
(69,823 |
) |
|
|
(5,637,365 |
) |
|
|
(1,306,913 |
) |
|
|
(184,075 |
) |
Non-controlling interests |
|
|
— |
|
|
|
(2,199 |
) |
|
|
(310 |
) |
|
|
— |
|
|
|
(237 |
) |
|
|
(33 |
) |
|
|
|
(126,860 |
) |
|
|
(497,929 |
) |
|
|
(70,133 |
) |
|
|
(5,637,365 |
) |
|
|
(1,307,150 |
) |
|
|
(184,108 |
) |
NAAS TECHNOLOGY INC.UNAUDITED
CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE
LOSS
|
|
For the Three Months Ended |
|
|
For the Year Ended |
|
|
|
December 31, 2022 |
|
|
December 31, 2023 |
|
|
December 31, 2022 |
|
|
December 31, 2023 |
|
(In thousands, except for share and per share and per ADS
data) |
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share for loss attributable to
the ordinary shareholders of the Company (Expressed in RMB per
share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
(0.06 |
) |
|
|
(0.21 |
) |
|
|
(0.03 |
) |
|
|
(2.92 |
) |
|
|
(0.58 |
) |
|
|
(0.08 |
) |
Diluted |
|
|
(0.06 |
) |
|
|
(0.21 |
) |
|
|
(0.03 |
) |
|
|
(2.92 |
) |
|
|
(0.58 |
) |
|
|
(0.08 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per ADS for loss attributable to the
ordinary shareholders of the Company (Expressed in RMB per
ADS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
(0.56 |
) |
|
|
(2.08 |
) |
|
|
(0.29 |
) |
|
|
(29.24 |
) |
|
|
(5.78 |
) |
|
|
(0.81 |
) |
Diluted |
|
|
(0.56 |
) |
|
|
(2.08 |
) |
|
|
(0.29 |
) |
|
|
(29.24 |
) |
|
|
(5.78 |
) |
|
|
(0.81 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares outstanding-basic |
|
|
2,254,885,600 |
|
|
|
2,381,259,279 |
|
|
|
2,381,259,279 |
|
|
|
1,927,746,700 |
|
|
|
2,259,760,407 |
|
|
|
2,259,760,407 |
|
Weighted average number of ordinary shares outstanding-diluted |
|
|
2,254,885,600 |
|
|
|
2,381,259,279 |
|
|
|
2,381,259,279 |
|
|
|
1,927,746,700 |
|
|
|
2,259,760,407 |
|
|
|
2,259,760,407 |
|
Net loss |
|
|
(126,860 |
) |
|
|
(497,929 |
) |
|
|
(70,133 |
) |
|
|
(5,637,365 |
) |
|
|
(1,307,150 |
) |
|
|
(184,108 |
) |
Other comprehensive loss that will not be reclassified to profit or
loss in subsequent period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value changes on equity investment designated at fair value
through other comprehensive loss, net of tax |
|
|
(10,143 |
) |
|
|
1,889 |
|
|
|
266 |
|
|
|
(10,143 |
) |
|
|
(24,090 |
) |
|
|
(3,393 |
) |
Currency translation differences |
|
|
(41,696 |
) |
|
|
(4,825 |
) |
|
|
(680 |
) |
|
|
(25,058 |
) |
|
|
(6,408 |
) |
|
|
(903 |
) |
Other comprehensive loss, net of tax |
|
|
(51,839 |
) |
|
|
(2,936 |
) |
|
|
(414 |
) |
|
|
(35,201 |
) |
|
|
(30,498 |
) |
|
|
(4,296 |
) |
Total comprehensive loss |
|
|
(178,699 |
) |
|
|
(500,865 |
) |
|
|
(70,547 |
) |
|
|
(5,672,566 |
) |
|
|
(1,337,648 |
) |
|
|
(188,404 |
) |
Total comprehensive loss attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the company |
|
|
(178,699 |
) |
|
|
(498,666 |
) |
|
|
(70,237 |
) |
|
|
(5,672,566 |
) |
|
|
(1,337,411 |
) |
|
|
(188,371 |
) |
Non-controlling interests |
|
|
— |
|
|
|
(2,199 |
) |
|
|
(310 |
) |
|
|
— |
|
|
|
(237 |
) |
|
|
(33 |
) |
|
|
|
(178,699 |
) |
|
|
(500,865 |
) |
|
|
(70,547 |
) |
|
|
(5,672,566 |
) |
|
|
(1,337,648 |
) |
|
|
(188,404 |
) |
NAAS TECHNOLOGY INC.UNAUDITED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
As of |
|
|
December 31, 2022 |
|
|
December 31, 2023 |
|
(In thousands) |
RMB |
|
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
513,351 |
|
|
|
436,242 |
|
|
61,443 |
|
Trade receivables |
|
130,004 |
|
|
|
73,144 |
|
|
10,302 |
|
Contract assets |
|
— |
|
|
|
77,684 |
|
|
10,942 |
|
Financial assets at fair value through profit or loss |
|
— |
|
|
|
70,164 |
|
|
9,882 |
|
Inventories |
|
— |
|
|
|
22,458 |
|
|
3,163 |
|
Prepayments, other receivables and other assets |
|
287,435 |
|
|
|
436,377 |
|
|
61,462 |
|
Other financial assets |
|
— |
|
|
|
27,898 |
|
|
3,929 |
|
Total current assets |
|
930,790 |
|
|
|
1,143,967 |
|
|
161,123 |
|
Non-current assets |
|
|
|
|
|
|
|
Right-of-use assets |
|
17,030 |
|
|
|
14,026 |
|
|
1,976 |
|
Financial assets at fair value through profit or loss |
|
11,753 |
|
|
|
34,788 |
|
|
4,900 |
|
Financial assets at fair value through other comprehensive
income |
|
129,060 |
|
|
|
104,970 |
|
|
14,785 |
|
Other financial assets |
|
— |
|
|
|
100,718 |
|
|
14,186 |
|
Investments accounted for using equity method |
|
— |
|
|
|
267 |
|
|
38 |
|
Property, plant and equipment |
|
2,600 |
|
|
|
4,378 |
|
|
617 |
|
Intangible assets |
|
833 |
|
|
|
13,320 |
|
|
1,876 |
|
Goodwill |
|
— |
|
|
|
40,085 |
|
|
5,646 |
|
Other non-current assets |
|
13,869 |
|
|
|
8,580 |
|
|
1,208 |
|
Total non-current assets |
|
175,145 |
|
|
|
321,132 |
|
|
45,232 |
|
Total assets |
|
1,105,935 |
|
|
|
1,465,099 |
|
|
206,355 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Interest-bearing bank borrowings |
|
38,000 |
|
|
|
72,953 |
|
|
10,275 |
|
Current lease liabilities |
|
6,853 |
|
|
|
7,154 |
|
|
1,008 |
|
Trade payables |
|
49,239 |
|
|
|
152,066 |
|
|
21,418 |
|
Income tax payables |
|
16,214 |
|
|
|
19,170 |
|
|
2,700 |
|
Convertible bonds |
|
— |
|
|
|
272,684 |
|
|
38,407 |
|
Other payables and accruals |
|
81,835 |
|
|
|
293,003 |
|
|
41,268 |
|
Total current liabilities |
|
192,141 |
|
|
|
817,030 |
|
|
115,076 |
|
Non-current liabilities |
|
|
|
|
|
|
|
Non-current lease liabilities |
|
9,327 |
|
|
|
6,936 |
|
|
977 |
|
Interest-bearing bank borrowings |
|
465,155 |
|
|
|
681,821 |
|
|
96,032 |
|
Deferred tax liabilities |
|
438 |
|
|
|
2,917 |
|
|
411 |
|
Total non-current liabilities |
|
474,920 |
|
|
|
691,674 |
|
|
97,420 |
|
Total liabilities |
|
667,061 |
|
|
|
1,508,704 |
|
|
212,496 |
|
EQUITY |
|
|
|
|
|
|
|
Share capital |
|
146,730 |
|
|
|
165,183 |
|
|
23,266 |
|
Subscription receivable |
|
— |
|
|
|
(4,696 |
) |
|
(661 |
) |
Additional paid in capital |
|
6,358,600 |
|
|
|
7,196,341 |
|
|
1,013,583 |
|
Other reserves |
|
(35,201 |
) |
|
|
(65,699 |
) |
|
(9,254 |
) |
Accumulated losses |
|
(6,031,255 |
) |
|
|
(7,338,168 |
) |
|
(1,033,559 |
) |
Non-controlling interests |
|
— |
|
|
|
3,434 |
|
|
484 |
|
Total equity |
|
438,874 |
|
|
|
(43,605 |
) |
|
(6,141 |
) |
Total equity and liabilities |
|
1,105,935 |
|
|
|
1,465,099 |
|
|
206,355 |
|
NAAS TECHNOLOGY INC.UNAUDITED
RECONCILIATIONS OF IFRS AND NON-IFRS FINANCIAL
MEASURES
|
|
For the Three Months Ended |
|
|
For the Year Ended |
|
|
|
December 31, 2022 |
|
|
December 31, 2023 |
|
|
December 31, 2022 |
|
|
December 31, 2023 |
|
(In thousands, except for share and per share and per ADS
data) |
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted net loss attributable to
ordinary shareholders of the Company to Net loss attributable to
ordinary shareholders of the Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to ordinary shareholders of the Company |
|
|
(126,860 |
) |
|
|
(495,730 |
) |
|
|
(69,823 |
) |
|
|
(5,637,365 |
) |
|
|
(1,306,913 |
) |
|
|
(184,075 |
) |
Add: Share-based compensation expenses |
|
|
15,051 |
|
|
|
79,729 |
|
|
|
11,230 |
|
|
|
213,832 |
|
|
|
399,076 |
|
|
|
56,209 |
|
Equity-settled listing costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,912,693 |
|
|
|
— |
|
|
|
— |
|
Fair value changes of convertible instruments |
|
|
— |
|
|
|
(3,881 |
) |
|
|
(547 |
) |
|
|
3,158,498 |
|
|
|
116,520 |
|
|
|
16,411 |
|
Fair value changes of financial assets at fair value through profit
or loss |
|
|
— |
|
|
|
102,066 |
|
|
|
14,376 |
|
|
|
(1,753 |
) |
|
|
87,519 |
|
|
|
12,327 |
|
Adjusted net loss attributable to ordinary shareholders of
the Company |
|
|
(111,809 |
) |
|
|
(317,816 |
) |
|
|
(44,764 |
) |
|
|
(354,095 |
) |
|
|
(703,798 |
) |
|
|
(99,128 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net basic and diluted loss per share for loss
attributable to the ordinary shareholders of the Company (Expressed
in RMB per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
(0.05 |
) |
|
|
(0.13 |
) |
|
|
(0.02 |
) |
|
|
(0.18 |
) |
|
|
(0.31 |
) |
|
|
(0.04 |
) |
Diluted |
|
|
(0.05 |
) |
|
|
(0.13 |
) |
|
|
(0.02 |
) |
|
|
(0.18 |
) |
|
|
(0.31 |
) |
|
|
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net basic and diluted loss per ADS for loss
attributable to the ordinary shareholders of the Company (Expressed
in RMB per ADS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
(0.50 |
) |
|
|
(1.33 |
) |
|
|
(0.19 |
) |
|
|
(1.84 |
) |
|
|
(3.11 |
) |
|
|
(0.44 |
) |
Diluted |
|
|
(0.50 |
) |
|
|
(1.33 |
) |
|
|
(0.19 |
) |
|
|
(1.84 |
) |
|
|
(3.11 |
) |
|
|
(0.44 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares outstanding-basic |
|
|
2,254,885,600 |
|
|
|
2,381,259,279 |
|
|
|
2,381,259,279 |
|
|
|
1,927,746,700 |
|
|
|
2,259,760,407 |
|
|
|
2,259,760,407 |
|
Weighted average number of ordinary shares outstanding-diluted |
|
|
2,254,885,600 |
|
|
|
2,381,259,279 |
|
|
|
2,381,259,279 |
|
|
|
1,927,746,700 |
|
|
|
2,259,760,407 |
|
|
|
2,259,760,407 |
|
NAAS TECHNOLOGY INC.UNAUDITED
RECONCILIATIONS OF IFRS AND NON-IFRS FINANCIAL
MEASURES
|
|
For the Three Months Ended |
|
|
For the Year Ended |
|
|
|
December 31, 2022 |
|
|
December 31, 2023 |
|
|
December 31, 2022 |
|
|
December 31, 2023 |
|
(In thousands) |
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
(22,270 |
) |
|
|
(47,652 |
) |
|
|
(6,712 |
) |
|
|
(86,647 |
) |
|
|
(231,319 |
) |
|
|
(32,581 |
) |
Share-based compensation expenses |
|
|
552 |
|
|
|
2,327 |
|
|
|
328 |
|
|
|
5,322 |
|
|
|
8,893 |
|
|
|
1,253 |
|
Non-IFRS cost of revenues |
|
|
(21,718 |
) |
|
|
(45,325 |
) |
|
|
(6,384 |
) |
|
|
(81,325 |
) |
|
|
(222,426 |
) |
|
|
(31,328 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses |
|
|
(71,276 |
) |
|
|
(134,024 |
) |
|
|
(18,877 |
) |
|
|
(241,430 |
) |
|
|
(446,708 |
) |
|
|
(62,918 |
) |
Share-based compensation expenses |
|
|
3,156 |
|
|
|
19,471 |
|
|
|
2,742 |
|
|
|
27,846 |
|
|
|
63,766 |
|
|
|
8,981 |
|
Non-IFRS selling and marketing expenses |
|
|
(68,120 |
) |
|
|
(114,553 |
) |
|
|
(16,135 |
) |
|
|
(213,584 |
) |
|
|
(382,942 |
) |
|
|
(53,937 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses |
|
|
(46,337 |
) |
|
|
(254,864 |
) |
|
|
(35,897 |
) |
|
|
(2,195,981 |
) |
|
|
(669,837 |
) |
|
|
(94,345 |
) |
Share-based compensation expenses |
|
|
6,728 |
|
|
|
51,109 |
|
|
|
7,199 |
|
|
|
170,145 |
|
|
|
316,764 |
|
|
|
44,615 |
|
Equity-settled listing costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,912,693 |
|
|
|
— |
|
|
|
— |
|
Non-IFRS administrative expenses |
|
|
(39,609 |
) |
|
|
(203,755 |
) |
|
|
(28,698 |
) |
|
|
(113,143 |
) |
|
|
(353,073 |
) |
|
|
(49,730 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses |
|
|
(11,196 |
) |
|
|
(26,619 |
) |
|
|
(3,749 |
) |
|
|
(36,557 |
) |
|
|
(63,050 |
) |
|
|
(8,880 |
) |
Share-based compensation expenses |
|
|
4,615 |
|
|
|
6,822 |
|
|
|
961 |
|
|
|
10,519 |
|
|
|
9,653 |
|
|
|
1,360 |
|
Non-IFRS research and development expenses |
|
|
(6,581 |
) |
|
|
(19,797 |
) |
|
|
(2,788 |
) |
|
|
(26,038 |
) |
|
|
(53,397 |
) |
|
|
(7,520 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(123,263 |
) |
|
|
(386,255 |
) |
|
|
(54,404 |
) |
|
|
(2,460,484 |
) |
|
|
(1,066,365 |
) |
|
|
(150,195 |
) |
Share-based compensation expenses |
|
|
15,051 |
|
|
|
79,729 |
|
|
|
11,230 |
|
|
|
213,832 |
|
|
|
399,076 |
|
|
|
56,209 |
|
Equity-settled listing costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,912,693 |
|
|
|
— |
|
|
|
— |
|
Non-IFRS operating loss |
|
|
(108,212 |
) |
|
|
(306,526 |
) |
|
|
(43,174 |
) |
|
|
(333,959 |
) |
|
|
(667,289 |
) |
|
|
(93,986 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
December 31, 2023 |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing bank borrowings |
|
|
|
503,155 |
|
|
|
754,774 |
|
|
|
106,307 |
|
Less: Cash and cash equivalents |
|
|
|
513,351 |
|
|
|
436,242 |
|
|
|
61,443 |
|
Non-IFRS net debt |
|
|
|
(10,196 |
) |
|
|
318,532 |
|
|
|
44,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
|
438,874 |
|
|
|
(43,605 |
) |
|
|
(6,141 |
) |
Add: Convertible bonds mandatorily convertible to the Company’s
equity |
|
|
|
— |
|
|
|
112,615 |
|
|
|
15,861 |
|
Non-IFRS adjusted total equity |
|
|
|
438,874 |
|
|
|
69,010 |
|
|
|
9,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
|
667,061 |
|
|
|
1,508,704 |
|
|
|
212,496 |
|
Less: Convertible bonds mandatorily convertible to the Company’s
equity |
|
|
|
— |
|
|
|
112,615 |
|
|
|
15,861 |
|
Non-IFRS adjusted total liabilities |
|
|
|
667,061 |
|
|
|
1,396,089 |
|
|
|
196,635 |
|
Total assets |
|
|
|
1,105,935 |
|
|
|
1,465,099 |
|
|
|
206,355 |
|
Non-IFRS total liabilities to total assets ratio |
|
|
|
60 |
% |
|
|
95 |
% |
|
|
95 |
% |
Grafico Azioni NaaS Technology (NASDAQ:NAAS)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni NaaS Technology (NASDAQ:NAAS)
Storico
Da Dic 2023 a Dic 2024